When buying a lot from a developer, the most important thing you can do in the whole process is acquire as much knowledge as you can about the property you are considering.
Here are just a few of the things you need to know beforehand. Remember, although a lot of these points may seem like a given, if you are in a high pressure environment that seems like you have to buy straight away, these things might get overlooked.
Know exactly who you are dealing with. Find out all you can about the developers and how reliable they are.
Get to know everything you can about the lot and area of development. What kind of information would you need to know?
Some of these things would be:
What kind of amenities will be available?
What size will the development be when it is all finished?
Will you have access roads to your property? And who would be the one responsible for maintaining them?
Is everything you have been told you’ll get in the contract?
What would happen to your property if the developer goes bankrupt or defaults on a mortgage?
What types of restrictions you could have on your property?
When the developer has finished, what provisions for maintaining the development are there?
Where do your payments go?
What annual fees can you expect to pay?
This is just a sample of the type of information you need to know about before you sign a contract. One of the best options to help you is hire a Internachi Certified Home Inspector. We are here to help you with this difficult process.
